The President of the Chartered Insurance Institute of Nigeria, Yetunde Ilori, has said that the proposed tax reforms and possible recapitalisation will be some of the challenges that the insurance sector will face in 2025.
Ilori said this in her New Year message to members of CIIN, which was made available to The PUNCH on Tuesday.
The Chartered Insurance Institute of Nigeria is a professional membership institute for the Nigerian insurance industry.
She said, “Despite our achievements, it is pertinent to note that the Nigerian insurance industry operated under very harsh economic conditions in 2024. I wish I could promise you that things will get better in 2025. However, various objective sources have projected that greater challenges lie ahead.
“Our nation is in dire straits, with intimidating inflation that seeks to impoverish all, an excruciating exchange rate, rising unemployment, and other ravenous economic conditions directly affecting the insurance business.”
